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Key Take Aways

· Boring businesses that are pegged on offering essential services and products like drainage systems bring about working with society need and stability. They tend to have high entry barrier

· Boring businesses will guarantee recurring revenue with clear mastery of local markets that coexist with normal lifestyle of prospective customers

· Using the strategies used by established businesses in scaling the services, like technology, makes boring become part and parcel of human existence thereby organic and consistent growth

Some of the boring businesses –

· Property management

· Painting

· Plumbing and drainage

· Fumigation

· General repairs

· Landscaping

Many micro business have been founded on the basis of watching a fellow business persons operating their business then you decide to plunge yourself into same business.

The tragedy has been fact that such mentality stuck many people to think that the person to watch is the ‘’competitor’’ that attracted you to start your business.

The consideration to start your micro business was what ?

The crowding of some businesses is from many people not using any consideration when joining the business other than watching someone else who is running such a business.

It goes further where some people even think that they would want to go and share or split customers the other business is enjoying.

Human beings are always set with mentality of winning. They look at everything with an eye of winning a competition.

When you are a business founder and you fail to control that emotions, you get tricked by your self and enter into a league of war with yourself.

Fight with yourself, fight with your shadow day in day out until you end up frustrating yourself.

There is no micro business that have reached a league of fighting the real competitor.

Competitors are those businesses that are taking customers from you because maybe they are not enough for both of you or the other business want to increase their market share.

Micro businesses have very small room of operation and therefore customers are even more than they need.

This means priority of your business is not to fight competitors.

Why Boring business are making millions

You have just read a question of what did you consider when starting your business.

Are you in business of frustrating yourself?

Here we want to establish following;

· Why are boring business very stable?

· Why are boring business producing higher revenue?

· Why are boring business scalable?

 Stability of Boring Businesses

Businesses like waste management, property maintenance, industrial cleaning, domestic laundry just to mention a few may be considered boring businesses that do not mean anything.

The contrary of these businesses is that they provide the very basic elements of comfort, existence and smooth running of our community and industries.

They bring in organic coexistence between business and normal need of the community.

This therefore makes them very low risky to manage because customer expectation is pegged on their existence.

These customer needs will continue to flow and therefore the need for services remain very stable.

The other element is that these businesses tend to be highly regulated thereby making them not easy to penetrate. This makes them remain very few that are operating.

Boring business has relatively high revenue

Considering that these boring businesses brings basic needs – essential services- their customer demand continue to increase.

This makes them continue to enjoy stable income that is not distracted. This stability of income generation is one of key point of stability for a business.

Though they don’t have high tag or high value charging rates they continue to experience increased customer demand.

Scalability of boring businesses

Need for essential services is for every human being.

These boring businesses come to provide essential services and therefore can create market from very huge customer base.

The increased customer base brings in very good opportunity for business to scale.

Same, these services are needed at local level and growing at that level tend to be very organic. By using the modern technology to push the word out there as much as possible, scalability of boring businesses is very high because they are driven by organic need.

Few lessons from boring businesses

Focus building essential services that will not go away – Need for essential services will never go away as far as human being continues to exists

Master local market dominance – This is the path to millions because there is natural trust that you can build and give you huge synergy. Referral system becomes very strong

Prioritize operational excellence – The only one thing to sell yourself through is a satisfying service. You don’t need any other marketing hype at all.

Leverage on technology – Pushing your word out there becomes very easy if you take advantage of technology. Building convenience like booking system, complaint system, payment system and so on.

 In conclusion

Boring businesses have very good chance of building value through assets and systems. If you create a template that can be copied all through, it becomes an assets that can be franchised all over and thereby becoming an assets to grow.

What did you consider when starting your small business. There are many opportunities to leverage on including starting a boring business.

Thank you for your time

Gachoka

Ps

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I am Charles Gachoka - CPA-K , MBA- C.O.O & Business Development at Cygnus.co.ke. I am also the lead in Business Finance Operations consultancy portfolio. Cygnus prides working with over 50 owners and decision makers of mid-level businesses, helping bring out huge growth through Kaizen in Operation Excellence, Business Finance Operations, ESG & Strategy Deployment model (Hoshin Kanri).

Follow here for more https://www.linkedin.com/company/kaizen-in-operational-excellence/?viewAsMember=true